{"id":5897,"date":"2024-04-30T22:53:48","date_gmt":"2024-04-30T22:53:48","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=5897"},"modified":"2024-04-30T22:53:48","modified_gmt":"2024-04-30T22:53:48","slug":"botswanas-diamond-industry-gets-boost-amid-global-uncertainty","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=5897","title":{"rendered":"Botswana\u2019s diamond industry gets boost amid global uncertainty"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"article-content\">\n<div class=\"wsw\">\n<span class=\"dateline\">Gaborone \u2014\u00a0<\/span><\/p>\n<p>Botswana\u2019s diamond trade is on the rise despite industry uncertainty over efforts to sanction Russian stones. De Beers has relocated its auctions headquarters from Singapore to Botswana, while the secretariat of the Kimberley Process, a trade regime that certifies rough diamond exports to eliminate trade in conflict gems, also moved to the African nation.<\/p>\n<p>De Beers, which has a long-standing sales agreement with Botswana, sells 10 percent of its diamonds through auctions.<\/p>\n<p>De Beers\u2019 Executive Vice President Paul Rowley said the relocation of its auctions office is part of an effort to streamline its business operations and facilitate the further development of Botswana\u2019s diamond sector.<\/p>\n<p>&#8220;The auction platform coming across, it will bring some additional customers and also auction sales will also enable us sell to small players and perhaps some Botswana nationals will be able to register and engage in that platform. That will be very exciting from that perspective,\u201d he said.<\/p>\n<p>The relocation comes as the diamond industry reels from effects of a traceability initiative introduced by the Group of Seven leading industrialized countries, or G7, in a bid to sanction Russian diamonds.<\/p>\n<p>Under the arrangement, all diamonds entering G7 markets are routed through Antwerp, Belgium, to ascertain their origin.<\/p>\n<div class=\"wsw__embed\">\n<figure class=\"media-image js-media-expand\">\n<div class=\"img-wrap\">\n<div class=\"thumb\">\n<img decoding=\"async\" alt=\"FILE - A general view of haul trucks carrying ore of the open pit of the Jwaneng Diamond Mine in Jwaneng, Botswana, May 11, 2023.\" src=\"https:\/\/gdb.voanews.com\/01000000-0aff-0242-9e2c-08dc694f9bae_w250_r0_s.jpg\"\/>\n<\/div>\n<p><span class=\"ico ico-fullscreen ico--media-expand ico--rounded\"\/>\n<\/div><figcaption>\n<span class=\"caption\">FILE &#8211; A general view of haul trucks carrying ore of the open pit of the Jwaneng Diamond Mine in Jwaneng, Botswana, May 11, 2023.<\/span><br \/>\n<\/figcaption><\/figure>\n<\/div>\n<p>The tracking system, however, has caused disruptions to the supply chain, according to Rowley.<\/p>\n<p>\u201cObviously there have been the G7 issues in the past few months. We continue to work closely with the G7 and try to find a solution that works for the industry as well as for the G7. We obviously all support [Russian] sanctions; it\u2019s absolutely understandable. What we are concerned about are the unintended consequences of perhaps having a single node, which we think is very inappropriate,\u201d he said.<\/p>\n<p>The relocation of De Beers\u2019 auctions office coincides with the Kimberley Process secretariat commencing its operations in Botswana. <\/p>\n<p>The Kimberley Process is a global initiative by the diamond industry to eliminate trade in conflict gems.<\/p>\n<p>In mid-May, the Kimberley Process will hold its intersessional meeting in Dubai, where the G7\u2019s tracking system is expected to come under intense debate.<\/p>\n<p>The G7 countries and Russia are all members of the Kimberley Process. <\/p>\n<p>World Diamond Council President Feriel Zerouki told VOA that the G7 traceability scheme needs to be reviewed.<\/p>\n<p>\u201cThe WDC believes that mechanisms for assuring a diamond\u2019s provenance should be efficient, effective and equitable. However, we don\u2019t believe that the approach of a single Antwerp entry point meets this test. Antwerp is not the source of any diamonds, so it&#8217;s basically not the best place to certify where a diamond has originated from,\u201d she said.<\/p>\n<p>Botswana\u2019s minister of minerals, Lefoko Moagi, meanwhile, hailed the establishment of the Kimberley Process secretariat in Gaborone.<\/p>\n<p>\u201cThe Kimberley Process is an international and multi-stakeholder organization whereby we aim to increase ethical conduct in diamond trade and to prevent conflict diamonds from entering legitimate trade in rough diamonds. Therefore, this is very key for us; we will protect our diamonds with everything that we have,\u201d said Moagi.<\/p>\n<p>Botswana is the world\u2019s second-largest producer of diamonds after Russia and is leading calls for the G7 traceability initiative to be revised.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.voanews.com\/a\/botswana-s-diamond-industry-gets-boost-amid-global-uncertainty\/7592422.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gaborone \u2014\u00a0 Botswana\u2019s diamond trade is on the rise despite industry uncertainty over efforts to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Botswana\u2019s diamond industry gets boost amid 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